![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/02\/christopher-czermak-0b9eOKZU_dE-unsplash.jpg\")
<\/a>Photo: Christopher Czermak<\/a> \/ Unsplash<\/a><\/em><\/p>\nDespite historically low inventory, housing demand remains high in British Columbia and prices are expected to continue climbing, according to the British Columbia Real Estate Association\u2019s (BCREA) 2022 first quarter market forecast.<\/p>\n
\u201cStrong sales should persist through the first few months of the year and supply will remain severely limited,\u201d said BCREA chief economist Brendon Ogmundson. \u201cAs a result, we expect to see continued upward pressure on home prices in all markets.\u201d<\/p>\n
But which market\u00a0expects to see prices rise the most\u00a0in 2022? The Kootenay region<\/strong> \u2014 anchored by Nelson to the west and Cranbrook to the east \u2014 is forecast to see the province\u2019s\u00a0biggest price growth in 2022, with an average Multiple Listing Service (MLS) price of $508,000, a 12.8 per cent increase from 2021 ($450,466).<\/p>\n \u201cAs increasing average prices are directly linked to falling inventory, I don\u2019t see any reduction in the upward pressure on average prices any time soon,\u201d said Bruce Seitz, Kootenay Association of Realtors president. \u201cSellers will continue to benefit from the high demand for homes in the Kootenay region through 2022.\u201d<\/p>\n Kamloops<\/strong> follows close behind, with a projected increase of 12.6 per cent for an average MLS price of $630,000, while Victoria<\/strong> is forecast to see average prices rise 11.4 per cent to exceed the $1 million mark.<\/p>\n Fuelled by buyers shifting east across the Lower Mainland, Chilliwack<\/strong> saw the province\u2019s fastest price growth during 2021, increasing a whopping 26.2 per cent to $728,146. The BCREA forecasts 10.6 per cent growth this year to $805,000<\/p>\n Vancouver Island<\/strong> rounds out the top five, with anticipated price growth of 9.2 per cent pushing the average MLS price from $664,149 to $725,000.<\/p>\n While demand\u00a0should remain high in the short term, the housing market is expected to see more balanced conditions this year. The BCREA is forecasting a total of 103,250 transaction during 2022, a 17 per cent decline from last year\u2019s record-setting sales totals.<\/p>\n \u201cSlower sales activity will allow the inventory of resale listings to rebuild, but given how low listings currently are, it will take considerable time before markets can return to a healthy balance,\u201d Ogmundson said. \u201cIn fact, active listings in most markets need to more than double to bring markets back into balance.\u201d<\/p>\n The British Columbia Real Estate Association expects the Kootenay region to see B.C.’s biggest price growth in 2022, up 12.8 per cent, followed by Kamloops (12.6 per cent) and Victoria (11.4 per cent).<\/p>\n","protected":false},"author":47,"featured_media":222785,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2022-02-02T18:22:28Z","apple_news_api_id":"6179d6b1-5353-4dd1-a7bf-d0a43a4d992c","apple_news_api_modified_at":"2022-02-02T18:22:28Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AYXnWsVNTTdGnv9CkOk2ZLA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":["https:\/\/u48r14.digitalhub.com\/sections\/09b86915-7d2b-3acd-915b-b215002d01b7"],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11108],"tags":[11255,11219,11163],"coauthors":[10282],"apple_news_notices":[],"yoast_head":"\n